The In-Vehicle Infotainment Market Is Set To Reach 32.8 Billion By 2027, With Increasing Demand For Autonomous Vehicles - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 29, 2023 /PRNewswire/ -- As per The Business Research Company's In-Vehicle Infotainment Global Market Report 2023, the global in-vehicle infotainment market is gearing up for substantial growth, with a projected increase from $19.88 billion in 2022 to a staggering $22.09 billion in 2023, representing an impressive Compound Annual Growth Rate (CAGR) of 11.1%. This upward trajectory is set to continue, with expectations of reaching $32.85 billion in 2027 at a CAGR of 10.4%. The in-vehicle infotainment market's robust expansion is propelled by the surging demand for autonomous and electric vehicles, marking a monumental shift in the automotive industry landscape.
Autonomous and Electric Vehicles Fueling Growth
The increasing demand for autonomous and electric vehicles is a pivotal driver for the in-vehicle infotainment market. Autonomous vehicles, known for their self-driving capabilities, are gaining traction as they operate with minimal human intervention. Recent data from a July 2022 Mercom report revealed a remarkable 333% year-over-year (YoY) growth in electric vehicle (EV) sales, reaching 390,399 units in the first half of 2022 compared to 90,102 units in the same period in 2021.
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Highly Concentrated Market
The global in-vehicle infotainment market is characterized by a high level of concentration, with the top ten competitors commanding a substantial 64.07% share in 2022. Samsung Electronics Co., Ltd leads the pack with a 12.35% market share, followed by Panasonic Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Alps Electric Co., Ltd, Aptiv PLC, Pioneer Corporation, Visteon Corporation, Marelli Holdings Co., Ltd., and JVC Kenwood Holdings Inc.
The Rise of AI Technology
One prominent trend gaining momentum within the in-vehicle infotainment market is the integration of Artificial Intelligence (AI) technology. AI technology simulates human intelligence, making data-driven decisions, and employing deep learning to enhance user experiences. This includes analyzing user lifestyle patterns, improving driving safety, and automating vehicle maintenance notifications. Leading industry players are actively developing infotainment systems enriched with AI technology. For example, Hyundai Motor Group introduced the NVIDIA DRIVE™ in-vehicle infotainment system platform, enhancing user experiences through AI-driven recommendations and intelligent multimedia features.
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Segmentation and Opportunities
The global in-vehicle infotainment market is segmented as follows:
- By Component: Software, Hardware, Services
- By Services: Entertainment Services, Navigation Services, E-Call Services, Vehicle Diagnostics Services, Other Services
- By Vehicle Type: Passenger Car, Commercial Vehicle
- By Fitting: OE Fitted, Aftermarket
The hardware segment is poised to seize the top opportunities within the component segmentation, projecting $10.359 billion in global annual sales by 2027.
Asia Pacific: Leading Region In In-Vehicle Infotainment Market
Asia Pacific stands as the largest region in the in-vehicle infotainment market, boasting a substantial worth of $7.2 billion in 2022.
The Asia-Pacific in-vehicle infotainment market derives strength from growing sales of budget-friendly vehicles, an uptick in disposable income, and increased luxury automobile sales. For example, India witnessed a remarkable surge in high-end vehicle sales, with 21,000 units sold in the first half of 2022, marking a 16% YoY growth compared to 2018.
The global in-vehicle infotainment market is on an exciting trajectory, driven by technological advancements, evolving consumer preferences, and the shifting landscape of the automotive industry. As AI technology continues to revolutionize the driving experience, and as autonomous and electric vehicles become more prevalent, the industry is poised for unprecedented growth in the coming years.
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